The World Bank Implementation Status & Results Report Kenya Affordable Housing Finance Project (P165034) Kenya Affordable Housing Finance Project (P165034) EASTERN AND SOUTHERN AFRICA | Kenya | IBRD/IDA | Investment Project Financing (IPF) | FY 2019 | Seq No: 10 | Archived on 21-Jul-2024 | ISR01052 Implementing Agencies: Kenya Ministry of Lands, Public Works, Housing and Urban Development, Kenya Mortgage Refinance Company, Kenya National Treasury and Planning 1.OBJECTIVE 1.1 Development Objective Original Development Objective (Approved as part of Approval package on 29-Apr-2019) The development objective is to expand access to affordable housing finance to targeted beneficiaries Has the Development Objective been changed since Board Approval of the Project Objective? No 2.COMPONENTS Name Support to the Kenya Mortgage Refinance Company:(Cost 209,000,000.00) Technical Assistance:(Cost 5,000,000.00) 3. OVERALL RATINGS Name Previous Current Progress towards achievement of lModerately Satisfactory lModerately Satisfactory PDO Overall Implementation Progress (IP) lModerately Satisfactory lModerately Satisfactory Overall Risk Rating lModerate lSubstantial 4. KEY ISSUES & STATUS 4.1 Implementation Status and Key Decisions Jul 21, 2024 Page 1 of 7 The World Bank Implementation Status & Results Report Kenya Affordable Housing Finance Project (P165034) 5. SYSTEMATIC OPERATIONS RISK-RATING TOOL Rating at Last Approved Approval Rating Risk Category Approval Proposed Rating ISR Seq. 09 - 01 Package - 30 Apr Dec 2023 2019 Political and Governance lSubstantial lSubstantial lSubstantial Macroeconomic lSubstantial lHigh lHigh Sector Strategies and Policies lSubstantial lSubstantial lSubstantial Technical Design of Project or lModerate lModerate lModerate Program Institutional Capacity for lSubstantial lModerate lModerate Implementation and Sustainability Fiduciary lSubstantial lModerate lSubstantial Environment and Social lModerate lModerate lModerate Stakeholders lModerate lModerate lModerate Overall lSubstantial lModerate lSubstantial Jul 21, 2024 Page 2 of 7 The World Bank Implementation Status & Results Report Kenya Affordable Housing Finance Project (P165034) 6. RESULTS 6.1 PDO Indicators by PDO Outcomes Support to the Kenya Mortgage Refinance Company Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year 0.00 Feb/2019 12,000,000.00 31-Aug-2023 12,280,702.00 31-Mar-2024 12,000,000.00 Jun/2025 Volume of bonds issued by Comments on The first tranche of KMRC’s debut bond was sized at Kes 1.4 billion. The exchange rate used is KMRC (Amount(USD)) achieving targets as of the date of settlement, which was March 4, 2022. Number of affordable 0.00 Jan/2019 2,876.00 31-Aug-2023 3,252 31-Mar-2024 4,900.00 Jun/2025 mortgage / housing loans refinanced by KMRC (Number) 6.2 Intermediate Results Indicators by Components Support to the Kenya Mortgage Refinance Company Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year Percentage mortgage / 0.00 Feb/2019 46.40 31-Aug-2023 31 31-Mar-2024 40.00 Jun/2025 housing loans refinanced by Comments on Actual (current) has been corrected due to a reporting error. KMRC extended to women Page 3 of 7 The World Bank Implementation Status & Results Report Kenya Affordable Housing Finance Project (P165034) (Percentage) achieving targets Average maturity of new 0.00 Feb/2019 9.67 31-Aug-2023 11.73 31-Mar-2024 10.00 Jun/2025 mortgage loans refinanced by KMRC in the year (Years) Percentage of Project 0.00 Feb/2019 0.00 31-Aug-2023 0.00 31-Mar-2024 80.00 Dec/2024 beneficiaries who feel project activities reflected their needs (Percentage) Volume of affordable housing 0.00 Jan/2019 60,812,674.27 31-Aug-2023 79,440,144.71 31-Mar-2024 110,737,000.00 Jun/2025 and mortgage loans refinanced by KMRC (Amount(USD)) Mortgage guarantee product No Dec/2023 No 15-Dec-2023 No 31-Mar-2024 Yes Jun/2025 operationalized (Yes/No) Technical Assistance Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year Four 0.00 Feb/2019 0.00 31-Aug-2023 0.00 31-Aug-2023 4.00 Jun/2025 strategies/studies/roadmaps completed and adopted by MLPP (Number) 6.3 Performance Based Conditions (PBC) Actual (Previous) Actual (Current) PBC Name Baseline Closing Period Value Date Value Date Page 4 of 7 The World Bank Implementation Status & Results Report Kenya Affordable Housing Finance Project (P165034) 1:The Project Value 0.00 10,000,000.00 10,000,000.00 Implementing Entity is legally established, has the required regulatory Allocated 17-Apr-2023 17-Apr-2023 capital and 0.00 0.00 0.00 Amount approvals to start operations (Amount(USD)) PBC allocation 10,000,000.00 2:The Borrower has Value 0.00 10,000,000.00 10,000,000.00 provided Tier 2 Capital to the Allocated 17-Apr-2023 17-Apr-2023 Project 0.00 0.00 0.00 Implementing Entity Amount (Amount(USD)) PBC allocation 10,000,000.00 3:The Borrower has Value 0.00 0.00 0.00 provided additional Tier 2 Capital to the Allocated 17-Apr-2023 17-Apr-2023 Project 0.00 0.00 30,000,000.00 Implementing Entity Amount (Amount(USD)) PBC allocation 30,000,000.00 Page 5 of 7 The World Bank Implementation Status & Results Report Kenya Affordable Housing Finance Project (P165034) 7. DATA ON FINANCIAL PERFORMANCE 7.1 Cumulative Disbursements 7.2 Disbursements (by loan) Loan/Credit/ Cancelle Undisburs Status Original Revised Disbursed % Disbursed TF d ed IBRD-89580 Effective 250.00 198.63 51.37 112.11 82.85 56.44% 7.3 Key Dates (by loan) Orig. Rev. Loan/Credit/TF Status Approval Signing Effectiveness Closing Closing 05-Dec- 30-Jun- IBRD-89580 Effective 30-Apr-2019 02-Jun-2020 30-Jun-2025 2019 2024 Jul 21, 2024 Page 6 of 7 The World Bank Implementation Status & Results Report Kenya Affordable Housing Finance Project (P165034) 8. KEY DATES Key Events Planned Actual Approval 30-Apr-2019 30-Apr-2019 Effectiveness 31-May-2019 02-Jun-2020 Mid-Term Review No. 01 28-Apr-2022 30-May-2022 Operation Closing/Cancellation 30-Jun-2025 9. RESTRUCTURING HISTORY Restructuring Level 2 Approved on 26-Jan-2024 Restructuring Level 2 Approved on 26-May-2024 10. ASSOCIATED OPERATION(S) There are no associated operations Jul 21, 2024 Page 7 of 7